Skimming the Final Coins: Ex-Prosecutor Brorhilker Demands Swift Action on "Fleecing Law"
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Stop the 'Shredder Law' argued ex-Public Prosecutor Brorhilker - Oppose the "papering over" law, asserts former attorney, Brorhilker.
Former Chief Prosecutor of Cologne and relentless Cum-Ex investigator Anne Brorhilker emphasized the urgent need to crack down on financial crimes. The clock is ticking, not just because of looming statutes of limitations, but also due to the recent reduction of retention periods for financial records and receipts, all under the guise of streamlining bureaucracy. This year should focus on unearthing as many under-the-radar Cum-Cum cases as possible, gathering solid evidence in the process.
In her crusade, Brorhilker has propelled over a thousand cases
Brorhilker, a household name for her tenacity in tackling Germany's largest-ever tax heist, has spearheaded a thousand investigations as a prosecutor. Her unyielding search led her to banks, authorities, and even the offices of politicians, underscoring her testimony in the Hamburg committee scrutinizing the Cum-Ex affair.
Cum-Ex and Cum-Cum transactions are financial machinations that have cost the economy billions in untyped taxes. These play dirty by manipulating dividend payouts and claiming false tax refunds. Disturbingly, Brorhilker reportes that the two schemes frequently mingle in practical applications. Perpetrators notoriously employ Cum-Cum transactions first, followed by Cum-Ex maneuvers using the same stock. The estimated damage from Cum-Ex transactions amounts to about 10 billion euros, while Cum-Cum losses approach a staggering 30 billion euros.
Fractions of cents regained in "Cum-Cum" cases
The pitiful recovery rate for Cum-Cum transactions stands at less than one percent, Brorhilker explained. In light of these frail returns, it's vital we push for changes, junk the shrunken retention periods, and bring the "Fleecing Law" to a halt. "This law only empowers the unscrupulous, not the law-abiding," Brorhilker asserted.
As financial authorities and tax custodians enjoy extended deadlines, honest businesses voluntarily cling to their records for potential tax audits. The "Fleecing Law", a slap in the face for integrity, allows those with nefarious activity to evade prosecution.
Brorhilker calls for a focus on savings banks in Cum-Cum cases
Brorhilker implored investigators to zero in on savings banks when tackling Cum-Cum cases. "They've dipped their toes in both Cum-Cum and structured bond trading," she stated. Despite being obligated to act in the public's best interest, they've consequently ignored this responsibility in questionable tax deals. To put it mildly, an attorney wouldn't need a law degree to recognize this. An institution accountable to the public can't harm the public purse.
- Anne Brorhilker
- Hamburg
- Financial affairs
- Tax loss
- The "Fleecing Law" must be stopped, as it currently empowers criminals while undermining the integrity of honest businesses, according to former Chief Prosecutor Anne Brorhilker.
- Anne Brorhilker, who has spearheaded over a thousand investigations and has become a household name for her relentless pursuit of financial crimes, calls for a specific focus on savings banks when tackling Cum-Cum cases due to their questionable involvement in both Cum-Cum and structured bond trading.
